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BUSINESS

Encorp unit, TMSB in joint venture for mixed development project in Pahang

09/09/2022 06:52 PM

KUALA LUMPUR, Sept 9 (Bernama) -- Encorp Bhd’s wholly-owned subsidiary, Encorp Construction & Infrastructure Sdn Bhd (ECISB), and Touch Millennium Sdn Bhd (TMSB) will jointly develop a mixed development project in Kuantan, Pahang.

The parties today entered into a joint venture agreement (JVA) to develop the proposed development comprising retail lots, serviced apartments, and a car park podium on a piece of 2.0-hectare land.

ECISB will hold 70 per cent of the JV company and TMSB, a wholly-owned subsidiary of Touch Group Holdings Sdn Bhd, will own 30 per cent, Encorp said in a filing to Bursa Malaysia today.

The company said the estimated total cost for the proposed JV was RM328.5 million, while the estimated gross profit was RM74.05 million. 

“The proposed JV provides for a strategic partnership and is in line with Encorp’s principle business activity to expand its property development segment,’’ it said.

ECISB will fund the proposed JV via internally generated funds and/or financing facilities.

The project is expected to commence in the first quarter of 2023 and is expected to be completed by the fourth quarter of 2027.

-- BERNAMA 

 


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